Bulgaria: migrants stimulate the real estate market

Bulgaria: migrants stimulate the real estate market

One of the leading Bulgarian real estate agencies conducted a study that showed that the migration processes have a strong influence on the Bulgarian property market. The main buyers on the Black Sea coast at the moment are the Russians. In contrast to the preferences of the British who massively bought real estate properties in the past, Russians are more likely to purchase a house in the coastal cities, but not in the resort areas. And the most popular type of property is a 2-bedroom apartment, said portal "Bulgaria today."

In this case, the results of the study demonstrate the decline in construction activity in the country. In the first quarter of 2013, 764 buildings were constructed, 12% less than at the same period in 2012. The number of building permits also decreased. The situation has improved only in Burgas, where both the number of building permits issued and the number of transactions increaased.

Experts also note that almost half of all transactions on the Black Sea coast were recorded with agricultural land, which had not previously been observed.

The average property price in major cities was as follows: Sofia - €766 per sq.m., Varna - €726, Burgas - €669, Stara Zagora - €427, Dobrich - €353, Shumen - €438. The average price in the country was €565 per sq.m.